Ant International has completed pilot transactions for tokenised deposits in the UAE with HSBC, extending the companies’ work into the Middle East.
The pilots used HSBC’s Tokenised Deposit Service to test two payment routes. One transferred UAE dirhams in real time within the country, while the other sent US dollars from the UAE to international markets including Hong Kong and Singapore.
Each transaction began on WhaleRTP, Ant International’s blockchain-based treasury platform. HSBC’s service then executed the payments in real time through a workflow developed jointly by the two companies.
Tokenised deposits represent bank deposits as digital tokens on a blockchain, enabling funds to move around the clock. Ant International has used the technology in its treasury operations since 2019, with activity across Hong Kong, Singapore, Europe and the US.
The company said more than 20 banks support WhaleRTP, which enables real-time transfers in over 17 currencies. It added that the UAE expansion will support the regional growth of Alipay+, Antom and WorldFirst, while helping serve local businesses and travellers.
HSBC’s Tokenised Deposit Service is now live in six markets, including Singapore and the UAE.
Source: Fintech News
